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Trend is Developing with Unusual Chicago Luxury Home Sales in October

The winter air isn’t the only thing moving through Chicago–luxury homes in October sold just as briskly, which is quite an unusual trend for late in the year and on the brink of winter weather.

Luxury real estate in Chicago (homes priced at $1 million and higher) sold in staggering numbers last month, and a good portion of those sales were on the upper end (over $2 million). With 15 homes closed during the month, sales totaled a whopping $72 million.

There were a few noticeable trends among luxury real estate that sold last month. Cash continues to be king, with 3 out of the 5 most expensive sales being sold as cash transactions. And lot size continues to be a noteworthy trend, with many homes on an extra-wide or extra-deep lot. Four of the 5 most expensive sales were on lots larger than the standard 25 ft. x 125 ft., which allows for larger rooms and more outdoor space for enjoying the warm weather when it returns for the summer.

Here’s a closer look at the details that helped these homes sell in October:

1863 N Howe StOriginal list price: $4.55 millionSold price: $5,866,704
The highest priced sale in October has just about everything that luxury buyers look for: Space (5 bedrooms and 5,500 square feet); New construction (this brand-new beauty was waiting to be designed by its buyer); and location (on one of the most prestigious blocks in Lincoln Park).

2036 N Kenmore AveOriginal list price: $4.499 millionSold price: $4.499 million
On an extra wide, 37.5-foot lot, this brick and limestone home is a stunner on the outside with 9,500 square feet on the inside. Ultra-luxury features include walnut floors, 12-foot ceilings, a gourmet chef’s kitchen, an elevator an indoor sports court and a grand, curved staircase that is flooded from natural light from the penthouse level.

2112 N Sedgwick AveOriginal list price: $3.695 millionSold price: $3.45 million
Double-lot properties are a favorite among Chicago luxury real estate buyers, and this one is built from lot line to lot line to allow for 7,000 square feet of living space. This East Lincoln Park home was designed with the utmost elegance, including 11 1/2-foot tall ceilings, tall windows and a unique floor plan that gives the buyers the opportunity to put 5 of the 6 bedrooms on one level. There is also a chef’s kitchen, sunroom and a huge private yard, all which make the home idea for entertaining.

1235 W Belden AveOriginal list price: $2.749 millionSold price: $2.8 million
A luxury corner property in Lincoln Park, this 5-bedroom home was professionally designed to be an ideal home for entertaining. Features like a fabulous kitchen, a great room, wine cellar, an outdoor kitchen and spacious room sizes make all 6,000 square feet worth every inch.

2215 N Orchard StOriginal list price: $3.39 millionSold price: $2.8 million
This home was called a “work of art,” thanks to its bright, natural light, 12-foot ceilings and grand living and dining spaces. Also included among it’s 6,000+ square feet is a massive eat-in kitchen, professional-grade appliances, a rooftop deck with a sunroom, hot tub and unobstructed city views, 2 large recreation rooms on the lower level and an attached heated 2-car garage.

As we near the end of the year, it’s good for potential buyers to take a look at what’s been selling in Chicago real estate. The seasonal slowdown is a great time to buy thanks to less competition among buyers and sellers who don’t want to see their homes on the market through all of winter. Keeping an eye on recent sales can give you an idea as to where the market is heading this time of year and what you can expect to buy for your own budget.

If you’re interested in more details on the homes that sold in October or to see what’s on the market now, contact me at (312) 498-5080 or email me at ssalnick@dreamtown.com.

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ABOUT SHELDON

Sheldon arrived at Dream Town with more than 25 successful years in Chicago real estate. With a focus on luxury properties, Sheldon has sold condominiums, lofts and single family homes ranging from $1 to $5 million, many built by Chicago’s most prestigious developers and architects ... Read more